DAILY BRIEFING: Aegon buys investment service Cofunds from Legal & General for £140m

INVESTMENT BUY Aegon has bought investment service Cofunds from Legal & General for £140million.

Cofunds, which has more than 750,000 retail customers and £77.5billion of assets, is a fund supermarket for financial firms and advisers.

Aegon said an enhanced Cofunds would provide users with a broader range of investments, less paper and an integrated pension service.

GOLD RECORD Demand for gold rocketed in the first half of the year as investors sought sanctuary in the safe haven asset in the face of a ‘potent combination’ of Brexit, the US election and negative interest rates.

Figures from the World Gold Council show that investment demand soared 127 per centin the six months to the end of June compared with the same period in 2015.

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SIM-PLE DEALS A falling appetite for smartphones has pushed down revenues at Three.

The network reported takings down 2 per cent to £1billion in its half-year results, but revenue from phone sales fell 27 per cent to £216million, as customers increasingly opt for sim-only deals.

Profits grew 12 per cent to £348million and it added 57,000 customers over the period – a rise of 1 per cent.

MERGER CHALLENGE The door is open for a takeover at challenger bank Aldermore after its boss refused to rule out merger activity.

Chief executive Phillip Monks insisted the bank could continue growing rapidly under its own steam, but he said he wasn’t opposed to possible deals. Shares fell 7.9 per cent, or 12.1p to 141.5p.

PROFITS FIZZ Shares in soft drink bottler Coca-Cola HBC rose 7 per cent, or 110p to 1681p after it posted a better than expected update.

The company, which bottles Coca-Cola drinks in 28 countries, said operating profit was up 10.8 per cent to £188million for the six months to July 1, however, this was achieved by cost cutting and price hikes rather than extra sales.

YOUNG CHIEF A 30-year-old entrepreneur has become the youngest bank chief executive in history.

Tom Blomfield’s start-up business Mondo was yesterday granted a banking licence, although like several other new financiers, the lender will not have branches, operating instead solely through a mobile phone app.

SPENDING WATCHDOG A former top Bank of England official is set to critique Government spending.